Bangladesh’s garment industry shrinks in 2016

The garment industry in Bangladesh shrank by nearly a third last year, as a new wave of government restrictions on the industry drove factories to seek cheaper labor from abroad.

The slowdown in garment exports is one of the biggest economic blows to the country in decades.

Last year, exports to China fell by over 50 percent, and the government imposed a ban on imports from India and South Korea.

But with imports rising and foreign companies wary of the government’s new clampdowns, the market for garments has been severely impacted.

The global apparel industry, which includes everything from suits to pants, is estimated to be worth $14 trillion, and is worth $3.6 trillion in the United States.

The garment industry’s slowdown has been exacerbated by a rise in garment suicides, with the industry’s leading apparel exporter, China’s Alibaba Group Holding Ltd., reporting a 44 percent drop in garment sales in 2016, according to the Associated Press.

The company’s shares dropped about 8 percent in 2016.

The apparel industry has struggled with a supply glut in the last two years as factories have closed and factories that were once factories have been turned into sweatshops.

The government has restricted some forms of apparel production and banned imports from the world’s largest apparel exporters, like China and India, in an attempt to curb an increase in suicides among garment workers.

Bangladesh garment industry hit hard by floods

By ANA SINDHARAMANBangladesh’s garment industry is reeling from floods that have devastated the country’s economy.

Bangladeshi authorities said more than 5,000 people died and more than 10,000 were missing after the powerful torrential rains hit the country on Thursday and Friday.

Rescue workers, government officials and residents say the floods killed at least 15,000 villagers in the state of Bihar.

More than 5 million people in Bangladesh were left without electricity and more could die, the International Organization for Migration said in a statement on Saturday.

Rights groups have accused the government of failing to protect garment workers and saying it did not take adequate measures to prevent the flooding.

More:Rajesh Bajaj, deputy general secretary of the Bangladesh Garment Workers’ Union (BGWC), told the Thomson Reuters Foundation that the government had failed to protect its workers and was in denial about the damage to its factories.

“The government is ignoring the seriousness of the situation and the flood damage to the garment industry,” he said.

“It is a total denial.

We have been telling the government for two years about the problems that the Bangladeshi garment industry has suffered.”

The floods in the north of the country, which has a population of over half a million, have killed more than 40,000.

Bangkok-based news outlet Bangkok Post said the Bangladesh government had denied the flooding had a major impact on the economy.

“There is no flooding in the south,” a government official said on Saturday, without giving further details.

“This is not a problem of the south as the flood water does not reach to the north, the north is not affected by this flood,” the official added.

“We are seeing an increase in the number of people and people in the capital, Dhaka, who are still stranded,” the source said.

The flooding affected nearly 1.5 million garment workers, including women, children and seniors.

Bangls garment factories were flooded during the heavy monsoon season in March, according to the World Bank.

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